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Show support to attract new manufacturer Green Diamond Tire

Daily Record staff

Posted:
04/16/2013 05:10:14 AM MDT

Fremont County is on the cusp of potentially welcoming a much-needed major manufacturer and corporate headquarters into our community that, within a few years, would employ more than 400 full-time workers.

It's no secret that Fremont County has seen a devastating decline in employment during the last few years. We've seen solid, stable families move out of the area to seek permanent jobs that pay enough to support a family. On the other hand, there also are many families and individuals who have remained in the area, waiting and hoping for something or someone to offer an opportunity that would allow them to remain in the community that they call home.

Green Diamond Tire - North America may be what we've all been waiting for. It would provide jobs for a ready workforce, bring additional tax dollars into the community, make use of a now-vacant facility and it may set the stage for other manufacturing companies to want to move into the area, as well.

GDT has the potential to keep jobs local, as well as become the second largest private employer in Fremont County behind St. Thomas More Hospital. Very few opportunities like this come along, and we need to do what we can to make sure GDT can open its doors here in Fremont County before it's too late.

Rich Gostenik, president and CEO of GDT-NA, is expected to make a decision this week on whether to continue to wait for a final decision from the Colorado Housing and Finance Authority on whether or not the organization will finally and officially approve the requested $5 million loan that will get the plant up and running before summer.

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GDT needs to be under way and in production by summertime and equipment needs to be ordered by June or July, before the equipment manufacturer in Italy closes for a month-long holiday.

GDT has acquired the property and vacant plant at 1173 Colo. 120 east of Florence, and the complex had an appraised "specific-use" value of $8.5 million in 2006, however it is currently on the assessor books for $2.1 million. GDT is applying this property as collateral for a USDA-backed (at 80 percent) capital asset loan with CHFA and a minor working capital loan. GDT has satisfied the 20 percent, or $2 million, collateral, but CHFA requires the company obtain $500,000 in liquidity. GDT, if it already hasn't met that requirement, is very close to doing so.

If CHFA doesn't give the stamp of approval in the next few days, GDT will relocate the manufacturing plant back to New York, where he previously closed a plant.

We support and wholeheartedly welcome GDT to Fremont County. We encourage citizens and city and county leaders and officials to express their desire by contacting the CHFA lending team at http://chfainfo.com/business/business_lending_team and let them know that we as a community not only welcome GDT, but we need them.